JLL Arranges $54M Sale of Crown Heights Development Site
JLL Capital Markets arranged the $54.3-million sale of 970 Franklin Ave., a 289,957-buildable-square-foot development site located in Brooklyn’s Crown Heights neighborhood. A JLL team including Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara arranged the sale on behalf of The Continuum Company and procured the buyer, Isaac Schwartz.
The site is approved for the development of up to 355 residential apartments within a 10-story building. 970 Franklin Ave. is one block from Prospect Park, providing future residents with convenient access to one of the top green spaces in the city, and is surrounded by cultural and social attractions.
The neighborhood’s growing rental market has seen average vacancy hover around 1% since 2015, attracting an influx of private investment. Recently completed new developments include the 569-unit property at 54 Crown St. and 141 Montgomery St. Construction is currently underway on a 301-unit development at the adjacent 960 Franklin Ave.
On October 23, 2025, Connect New York Apartments Investment & Finance brings together leading owners, investors, developers, brokers, and lenders—all under one roof—to explore adaptive reuse strategies, capital markets challenges, distressed asset opportunities, and the dynamic complexities of New York’s multifamily market
Other News
One Beverly Hills Reaches Milestones Ahead of Schedule
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion
Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor
Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout